2015 Meeting Minutes and Financial Reports

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 9:00 am

02/11/2015

Members Present:

Chairman Dale Wyatt

Billy Doss

Charlie Dixon

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 12/18/2014 were presented by the Secretary

Mr. Dixon noted a typo in the minutes had Mr. Dixon making a motion and also seconding the motion to approve retirement service application for member. Minutes were corrected to note that Mr. Doss seconded the motion to approve the retirement service application.

Motion made by Mr. Wyatt to accept minutes with correction

Second made by Mr. Doss

Motion passed unanimously

Financial Report for December 1, 2014 through January 30, 2015 presented by the Secretary

Motion to accept Financial Report made by Mr. Wyatt

Second made by Mr. Dixon

Motion passed unanimously

Secretary reported the following:

· Financial Report for Fiscal Year November 1, 2013 to September 30, 2014, was requested by Serena McMurtrey in the State Comptroller’s Office. This information was provided to Ms. McMurtrey on January 23, 2015. Copies were provided to Board Members.

· A copy of the RSA Quarterly Statement for October 1 to December 31, 2014 provided to Board Members.

· A current Annuity Fund member has requested to purchase prior service years. This request was made after the 2 year grace period from his initial enrollment date had expired. The member requested an exception as he has been out of the country for the past 6 months. Mr. Wyatt requested the Secretary to find out if the member was actively deployed by the military or if he was privately employed while out of the country. Member is a volunteer firefighter with Pine Level Volunteer Department.

Motion made by Mr. Doss to refer this question to Mark Boardman to obtain legal opinion

Second made by Mr. Dixon

Motion passed unanimously

· The Fund’s first retiree began receiving monthly annuity payments via direct deposit in January 2015. Mr. Wyatt said this is good news as is demonstrates that the Fund is working as it should, members are paying into the plan and retiree is receiving payments. Mr. Dixon commented that it is time to revisit the County Associations and actively market the Annuity Plan with this good news.

Old Business

No old business to discuss.

New Business

Mr. Wyatt requested the Board should consider moving additional funds to the RSA account at the next Board meeting. Upcoming expenses should be reviewed to determine how much should be added to the RSA account. Mr. Doss and Mr. Wyatt both noted the goal for the account should be a total $100,000 to $105,000 investment in RSA. It would be a good marketing tool to have that amount in the RSA account.

Mr. Wyatt discussed the need to get one tag bill passed that would include donations to the museum, Joint Fire Council and the Annuity Fund. Mr. Dixon stated that all three should lobby together for this bill. Mr. Doss noted that it would take some time to accomplish this as it would require a sponsor for the bill and the time to write the bill. Mr. Doss noted that the tag is free for volunteer firefighters and the $1.00 cost is the donation to the Annuity Fund. Mr. Dixon suggested adding the Annuity Fund to the Memorial bill.

The next AFABF meeting will be held on April 21, 2015 at 9:00 am.

Adjourn

Motion made to adjourn by Mr. Doss

Second by Mr. Dixon

Motion passed unanimously

___________________________________________________

Dale Wyatt, Chairman Date

____________________________________________________

Secretary Date

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 9:00 am

04/21/2015

Members Present:

Chairman Dale Wyatt

Reid Vaughan

Billy Doss

Charlie Dixon

Chris Mullins

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 2/11/2015 were presented by the Secretary

Motion made by Mr. Doss to accept minutes

Second made by Mr. Dixon

Motion passed unanimously

Financial Report for February 1, 2015 through March 31, 2015 presented by the Secretary

Motion to accept Financial Report made by Mr. Dixon

Second made by Mr. Mullins

Motion passed unanimously

Old Business

Mr. Dixon suggested revisiting moving additional funds to the RSA account. Mr. Vaughn suggested moving $65,000 from AFABF bank account to RSA account. Mr. Vaughn states this can be done electronically.

Motion to accept this transfer of funds made by Mr. Vaughan

Second made by Mr. Dixon

Motion passed unanimously

Mr. Vaughan inquired about status of member Kevin Ninesling’s request for an extension for his buy back plan. Mr. Wyatt requested a follow up with legal counsel Mark Boardman.

No other old business to discuss.

New Business

Reid discussed the need to determine new revenue streams for the Annuity Fund. After general discussion no action was taken on this item.

Dale Wyatt requested to step down officially as Chairman of the Board. He stated personal reasons were his reason for needing this consideration. He would like to remain a member of the Board at this time. This leaves the position open for the Board to nominate someone for the position. The Board discussed and Billy Doss nominated Reid Vaughan as Chairman of the Board. Reid accepted this position.

Motion to nominate C.R. Vaughan for Chairman was made by Dale Wyatt

Second by Charlie Dixon

Further nominations were called for three times. Hearing none, Vaughan was elected by

acclamation

Motion passed unanimously

Vice Chairman position is now vacant with Reid in the Chairman of the Board position. Dale opened the floor to nominations for this position. Reid nominated Dale Wyatt for Vice Chairman of the Board. Dale accepted this position.

Motion to accept change made by Reid Vaughan

Second Charlie Dixon

Further nominations were called for three times. Hearing none, Wyatt was elected by

acclamation

Motion passed unanimously

Dale stated for the record to note that the new secretary for the Alabama Firefighters Annuity Fund is Catherine Burnett.

The next AFABF meeting will be held on June 10, 2015 at 9:00 am.

Adjourn

Motion made to adjourn by Billy Doss

Second by Charlie Dixon

Motion passed unanimously

___________________________________________________

Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 9:00 am

06/10/2015

Members Present:

Chairman Dale Wyatt

Reid Vaughan

Billy Doss

Chris Mullins

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 4/21/2015 were presented by the Secretary

Motion made by Mr. Chris Mullins to accept minutes

Second made by Mr. Dale Wyatt

Motion passed unanimously

Financial Report for February 1, 2015 through March 31, 2015 presented by the Secretary

Motion to accept Financial Report made by Mr. Billy Doss

Second made by Mr. Dale Wyatt

Motion passed unanimously

Old Business

Mr. Wyatt suggested revisiting per diem mileage for members. It was determined to discuss this at the next meeting.

Mr. Wyatt’s request for a follow up with legal counsel Mark Boardman was met. The Board was presented with Mr. Boardman’s opinion that Mr. Ninesling’s request by law is not allowed to complete the purchase of his buy back after the expiration of the buy back period. The information will be mailed to Kevin Ninesling.

No other old business to discuss.

New Business

Mr. Vaughan presented the Board with invoices from Alabama Fire College. The Board discussed the discrepancy in how the invoices were billed- contract vs hourly. It was determined that billing by contract is correct, not hourly. It was proposed to pay the invoices with the additional amount that was not originally billed. The invoice numbers are #1413, #1412, and #681. The total amount to be paid is $21,865.20.

Motion to pay both invoices made by Mr. Dale Wyatt

Second made by Mr. Billy Doss

Motion passed unanimously

Mr. Vaughan brought to the members’ attention that it is approaching the five year mark since our last actuarial study, and approximately three years since our last audit. The Board would like to see more growth in our Fund before reaching out and requesting these services again. All were in agreement to address these two visits in the next calendar year.

The next AFABF meeting will be held on Sept 23, 2015 at 9:00 am.

Adjourn

Motion made to adjourn by Dale Wyatt

Second by Chris Mullins

Motion passed unanimously

___________________________________________________

Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 9:00 am

09/23/2015

Members Present:

Chairman Dale Wyatt

Reid Vaughan

Billy Doss

Charlie Dixon

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 6/10/2015 were presented by Mr. Vaughan

Motion made by Mr. Dale Wyatt to accept minutes

Second made by Mr. Charlie Dixon

Motion passed unanimously

Financial Report for June 1, 2015 through August 31, 2015 presented by Mr. Vaughan

Motion to accept Financial Report made by Mr. Dale Wyatt

Second made by Mr. Charlie Dixon

Motion passed unanimously

Old Business

A motion was made by Commissioner Wyatt to reimburse commissioned members for travel expenses in accordance with state law. The motion was seconded by Commissioner Doss. Motion passed unanimously.

No other old business to discuss.

New Business

Chairman Vaughan appointed an internal audit committee to ensure all finances are in order. Appointed to this this committee are three Board members who do not sign checks for the Fund. The audit committee members appointed are: Billy Doss, Charlie Dixon and Chris Mullins. They will meet prior to next Board meeting and report findings to Chairman Vaughan and Vice Chairman Wyatt.

Mr. Vaughan brought to the members’ attention that it is approaching the five year mark since our last actuarial study. The study findings stand to increase the amount of benefit we are able to offer members. The ability to increase the benefit offered would potentially appeal to individuals considering the Fund as part of their investment portfolio. Mr. Wyatt offered he will get quotes to determine cost of this study.

The next AFABF meeting will be held on January 20, 2016 at 9:30 am. Internal Audit Committee will meet January 20, 2016 at 9:00am.

Adjourn

Motion made to adjourn by Dale Wyatt

Second by Billy Doss

Motion passed unanimously

___________________________________________________

Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date